Mandats représentatifs
Gowling WLG advises Kraken Robotics Inc. on $615 million acquisition of Covelya Group and concurrent $402.5 million bought deal and $150 million credit facility
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On March 3, 2026, Kraken Robotics Inc., announced the execution of a share purchase agreement relating to its proposed acquisition of Covelya Group Limited, an international provider of underwater technology solutions, for a total purchase price of $615 million, subject to adjustment, to be paid in cash and shares. The transaction is subject to regulatory approvals and is expected to close in the second quarter of 2026.
The cash portion of the purchase price will be partially funded through the net proceeds from a bought deal short form prospectus offering of approximately 47.3 million subscription receipts at an issue price of $8.50 per subscription receipt for gross proceeds of approximately $402.5 million, which closed on March 12, 2026. The subscription receipts were offered pursuant to a prospectus supplement to a short form base shelf prospectus on a bought deal basis through a syndicate of underwriters co-led by Scotiabank and Desjardins Capital Markets, as lead underwriters, on behalf of Canaccord Genuity Corp., Jefferies Securities Inc., TD Securities Inc., Cormark Securities Inc., Raymond James Ltd. and National Bank Financial Inc.
The balance of the cash portion of the purchase price will be funded through a committed, secured, non-revolving term credit facility for $150 million completed through an amendment to Kraken's existing facilities, which was entered into on March 3, 2026.
Kraken Robotics is a marine technology company transforming subsea intelligence through 3D imaging sensors, power solutions, and robotic systems. Kraken is headquartered in Canada with offices in North America, South America and Europe, supporting clients in more than 30 countries world-wide.
Gowling WLG represented Kraken in connection with the acquisition, the bought deal financing and the credit facility. For the acquisition, for the team includes Ian Mitchell, Faran Umar-Khitab, Neil Hendron, Warren Cass, Olivia Lifman, Chelsie Taylor, Natalia Castro, Emily Chittick, Jaanam Mahboobani (Corporate/Securities), Paul Carenza (Tax), Jordan Epstein (Employment), James Longwell, Natalie Rizkalla-Kamel and Jasleen Chahal (Intellectual Property). For the bought deal financing, the team included Ian Mitchell, Warren Cass, Lee Sykes, Jaanam Mahboobani and Peter Sypnowich. For the credit facility, the team included Lisa MacDonnell, Orest Matviychuk, Ian Mitchell, Kaila Scarrow and Katie Ross, Carolin Glaenzel and Marie Thalheimer.
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